Agenda

Who Will Own the Forest? 5 is a 2.5 day event, beginning with an evening reception on September 14, conference sessions and evening reception on September 15, and conference sessions on September 16.

Monday, September 14, 2009

5:00 - 8:00 PM: Opening Reception at WFC Discovery Museum

Tuesday, September 15, 2009

8:00-9:00 AM: Registration

9:00-9:10 AM: Welcome

9:10 – 10:30 AM: Session 1: The Economy - Housing, Wood Demand and Forestland Values
With the economy in crisis and housing demand crashing, wood demand has fallen to its lowest level in years. What’s the macroeconomic outlook and how is this impacting the forest products sector? What is the outlook for primary and secondary wood products and how is this affecting the perspectives of buyers and sellers of forestland?
• Brendan K. Lowney, Forest Economic Advisors
• Keith Balter, Forest Capital Partners

10:30-11:00 AM: Break

11:00 AM – 12:30 PM Session 2: Lending in the New Environment
Despite the recent thawing in the equity markets and huge government interventions, the credit markets remain tight. What is the current state of lending in the forestland arena, and what are lenders doing differently to assess and manage risk? How will it affect land deals and timberland returns, and when will the credit flow again?
• Ray Smith, MetLife
• Sean O'Day, American AgCredit
• John Masters, Banc of America Securities

12:30 -1:40 PM: Lunch

1:40 – 3:40 PM Session 3: Up or Down? Forest Valuation Trends
While every other asset class continues its downward spiral, timberland continues to defy gravity. Why is this? How long will it last? Where will forestland values head in various parts of the US, and elsewhere?
• Vic Musselman, Musselman and Associates covering NW
• Steve Burak, Sizemore & Sizemore covering SE
• Chuck Alexander, Forecon covering NE and Lake States
• Tim Cooney, Global Forest Partners covering overseas

3:40 – 5:10 PM Session 4: The Investor Landscape
Historically, owning forestland as a long-term investment has been attractive for a number of reasons, including relative yields, and as a hedge against inflation or the equity markets. Are investors now questioning some of those assumptions? What does the investor landscape look like today? Who's investing, where and why? Are investors re-evaluating their timber allocations?
• Dennis Neilson, DANA
• Barry Gamble, Barry Gamble Associates
• Mark Hayes, Stanford Management Company
• Peter Stein, The Lyme Timber Company

5:10 - 7:00 PM: Evening Reception

Wednesday, September 16 , 2009

8:00 – 10:00 AM: Session 5: A Conversation: "What's Next?”
Over the past 25 years, there has been a sea change in the ownership of U.S. timberlands, as the integrated forest products companies have sold their holdings, and financial investors have come to dominate the sector. But what will the next wave bring, as the current funds mature, and these investors expect to liquidate their portfolios? Will the expected influx of foreign investors materialize? Are there other buyers waiting in the wings? Will existing funds postpone their planned liquidity event? Will a secondary market for fund interests develop? What about the public company option? An open, and informal discussion of these and other issues.
• Bill Bradley, Sutherland
• Clark Binkley, International Forestry Investment Advisors
• Kate Robie, Timberlink
• Mike Clutter, University of Georgia

10:00 – 10:30 AM: Break

10:30 AM – 12:30 PM: Session 6: Overseas Investing
After a decade of timberland transactions, there are few available forestlands yet to be divested in the U.S. Consequently, investors are going overseas to seek new opportunities. Are the risks worth it? How have overseas investments fared? What are the comparative returns on investments for forests in other parts of the world? Where are the opportunities and how do investors do their due diligence?
• Peter Mertz, Global Forest Partners on “Overseas Investing: Risks vs. Opportunities”
• Marko Katila, Dasos Capital Oy on “Timberland Investing in Southeast Asia”
• Mario Hermosilla, SIF on “Chile—Growing Investment Opportunities”
• David Walker, Macquarie Capital Advisers on “Developments in Australia and New Zealand”

12:30 – 1:40 PM: Lunch

1:40 – 2:40 PM Session 6 continued
• Carlos Guerreiro, The Timber Group (Equator) on Brazil and South America
• Aldo de Cresci Neto, Fleury Malheiros on legal due diligence in Brazil

2:40 - 4:10 PM Session 7: New Opportunities for Added Returns from the Carbon Market
Forests are finally being acknowledged for their key role in stabilizing climate. As global negotiations heat up toward defining the next phase of international efforts to reduce greenhouse gas emissions in Copenhagen later this year, the U.S. appears poised to join in. Congress is framing landmark legislation. Meanwhile, California, the RGGI states and the Western Climate Initiative are continuing to build their programs. Millions of dollars in forest-based carbon reduction projects are transacting. What is the policy landscape that is evolving? How are markets responding to new standards for forest projects? How can forest owners capitalize on this new commodity?
• Connie Best, Pacific Forest Trust
• Josh Margolis, CantorCO2e
• David Brand, New Forests

4:10 - 4:40 PM Conclusion: Changing Timberland Ownership Patterns
With many analysts predicting that forestland ownership is headed towards another transition, The Open Space Institute is launching a study to inform future scenarios for ownership. In addition to the issues discussed earlier at this conference, one important piece of the puzzle is estimating how much forestland across the United States is likely to come on the market and the interests and constraints of landowners to maintain land as working forests. Ms. Weinberg will present findings from OSI’s initial case study and the methods for this ongoing, national study for discussion by the audience.
• Abigail Weinberg, Open Space Institute

4:40: Adjourn

Continuing Education Credits:
Foresters:
13.0 CFE Contact Hours, Category 1 for Society of American Foresters (at check-in attendees must sign SAF sign-in sheet to receive certificate of attendance)

CPAs:
13.0 CPE General Review Hours for Certified Public Accountants (Attendance certificates available--please check with your state rules to determine eligibility)

Appraisers:
Acceptable for appraiser continuing education credit from the Oregon Appraiser Certification and Licensure Board, with certificate of attendance

12.5 hours towards educational requirements for RCW 18.140 from WA State for real estate appraisers

Attorneys:
13.25 general credits for Oregon State Bar (at check-in attendees must submit their bar numbers)










	Agenda Who Will Own the Forest? 5 is a 2.5 day event, beginning with an evening reception on September 14, conference sessions and evening reception on September 15, and conference sessions on September 16. Monday, September 14, 2009 5:00 - 8:00 PM: Opening Reception at WFC Discovery Museum Tuesday, September 15, 2009 8:00-9:00 AM: Registration 9:00-9:10 AM: Welcome 9:10 – 10:30 AM: Session 1: The Economy - Housing, Wood Demand and Forestland Values With the economy in crisis and housing demand crashing, wood demand has fallen to its lowest level in years. What’s the macroeconomic outlook and how is this impacting the forest products sector? What is the outlook for primary and secondary wood products and how is this affecting the perspectives of buyers and sellers of forestland? • Brendan K. Lowney, Forest Economic Advisors • Keith Balter, Forest Capital Partners 10:30-11:00 AM: Break 11:00 AM – 12:30 PM Session 2: Lending in the New Environment Despite the recent thawing in the equity markets and huge government interventions, the credit markets remain tight. What is the current state of lending in the forestland arena, and what are lenders doing differently to assess and manage risk? How will it affect land deals and timberland returns, and when will the credit flow again? • Ray Smith, MetLife • Sean O'Day, American AgCredit • John Masters, Banc of America Securities 12:30 -1:40 PM: Lunch 1:40 – 3:40 PM Session 3: Up or Down? Forest Valuation Trends While every other asset class continues its downward spiral, timberland continues to defy gravity. Why is this? How long will it last? Where will forestland values head in various parts of the US, and elsewhere? • Vic Musselman, Musselman and Associates covering NW • Steve Burak, Sizemore & Sizemore covering SE • Chuck Alexander, Forecon covering NE and Lake States • Tim Cooney, Global Forest Partners covering overseas 3:40 – 5:10 PM Session 4: The Investor Landscape Historically, owning forestland as a long-term investment has been attractive for a number of reasons, including relative yields, and as a hedge against inflation or the equity markets. Are investors now questioning some of those assumptions? What does the investor landscape look like today? Who's investing, where and why? Are investors re-evaluating their timber allocations? • Dennis Neilson, DANA • Barry Gamble, Barry Gamble Associates • Mark Hayes, Stanford Management Company • Peter Stein, The Lyme Timber Company 5:10 - 7:00 PM: Evening Reception Wednesday, September 16 , 2009 8:00 – 10:00 AM: Session 5: A Conversation: "What's Next?” Over the past 25 years, there has been a sea change in the ownership of U.S. timberlands, as the integrated forest products companies have sold their holdings, and financial investors have come to dominate the sector. But what will the next wave bring, as the current funds mature, and these investors expect to liquidate their portfolios? Will the expected influx of foreign investors materialize? Are there other buyers waiting in the wings? Will existing funds postpone their planned liquidity event? Will a secondary market for fund interests develop? What about the public company option? An open, and informal discussion of these and other issues. • Bill Bradley, Sutherland • Clark Binkley, International Forestry Investment Advisors • Kate Robie, Timberlink • Mike Clutter, University of Georgia 10:00 – 10:30 AM: Break 10:30 AM – 12:30 PM: Session 6: Overseas Investing After a decade of timberland transactions, there are few available forestlands yet to be divested in the U.S. Consequently, investors are going overseas to seek new opportunities. Are the risks worth it? How have overseas investments fared? What are the comparative returns on investments for forests in other parts of the world? Where are the opportunities and how do investors do their due diligence? • Peter Mertz, Global Forest Partners on “Overseas Investing: Risks vs. Opportunities” • Marko Katila, Dasos Capital Oy on “Timberland Investing in Southeast Asia” • Mario Hermosilla, SIF on “Chile—Growing Investment Opportunities” • David Walker, Macquarie Capital Advisers on “Developments in Australia and New Zealand” 12:30 – 1:40 PM: Lunch 1:40 – 2:40 PM Session 6 continued • Carlos Guerreiro, The Timber Group (Equator) on Brazil and South America • Aldo de Cresci Neto, Fleury Malheiros on legal due diligence in Brazil 2:40 - 4:10 PM Session 7: New Opportunities for Added Returns from the Carbon Market Forests are finally being acknowledged for their key role in stabilizing climate. As global negotiations heat up toward defining the next phase of international efforts to reduce greenhouse gas emissions in Copenhagen later this year, the U.S. appears poised to join in. Congress is framing landmark legislation. Meanwhile, California, the RGGI states and the Western Climate Initiative are continuing to build their programs. Millions of dollars in forest-based carbon reduction projects are transacting. What is the policy landscape that is evolving? How are markets responding to new standards for forest projects? How can forest owners capitalize on this new commodity? • Connie Best, Pacific Forest Trust • Josh Margolis, CantorCO2e • David Brand, New Forests 4:10 - 4:40 PM Conclusion: Changing Timberland Ownership Patterns With many analysts predicting that forestland ownership is headed towards another transition, The Open Space Institute is launching a study to inform future scenarios for ownership. In addition to the issues discussed earlier at this conference, one important piece of the puzzle is estimating how much forestland across the United States is likely to come on the market and the interests and constraints of landowners to maintain land as working forests. Ms. Weinberg will present findings from OSI’s initial case study and the methods for this ongoing, national study for discussion by the audience. • Abigail Weinberg, Open Space Institute 4:40: Adjourn Continuing Education Credits: Foresters: 13.0 CFE Contact Hours, Category 1 for Society of American Foresters (at check-in attendees must sign SAF sign-in sheet to receive certificate of attendance) CPAs: 13.0 CPE General Review Hours for Certified Public Accountants (Attendance certificates available--please check with your state rules to determine eligibility) Appraisers: Acceptable for appraiser continuing education credit from the Oregon Appraiser Certification and Licensure Board, with certificate of attendance 12.5 hours towards educational requirements for RCW 18.140 from WA State for real estate appraisers Attorneys: 13.25 general credits for Oregon State Bar (at check-in attendees must submit their bar numbers)